52. Which of the following is not a ground for right of possessory lien by an unpaid seller?

Group of answer choices

Where the goods have been sold without any stipulation as to credit

Where the goods have been sold on credit, but the credit term has expired

Where the buyer is insolvent

Where the goods are perishable

55. Under the Statute of Frauds, the following contracts must be in writing, otherwise they cannot be enforced in court litigation except

Group of answer choices

Sale of personal property at a price not more than P300.00

Sale of real property regardless of the price involved

Sale of property not to be performed within a year from the date thereof regardless of the nature of the property and price involved

Answer not given

59. Cooperatives can legally exist for:

Group of answer choices

50 years extendible for another 50 years

50 years extendible for another 25 years

50 years extendible for another 20 years

It depends on the term provided in the Cooperative Charter

60. Which of the following is not a mode of extinguishment of contract of sale?

Group of answer choices

Redemption, whether legal redemption or conventional redemption

Fulfilment of suspensive condition on sale of a determinate thing whose acquisition of ownership by the seller depends upon a contingency

Resale of the goods by the unpaid seller

Cancellation of sale of personal property in instalments by the seller in case the buyer defaulted in at least two instalments

61. Which of the following is the proper legal remedy to be availed by the buyer if the seller committed a breach of contract of sale of specific thing by non-delivery of the subject matter to the buyer?

Group of answer choices

File an action for specific performance or exact fulfilment plus damages

File an action for reformation of instrument plus damages

File an action for annulment of contract of sale plus damages

File an action for declaration of nullity of contract of sale plus damages

66. M issued a promissory note to P which states "I promise to pay P P10,000." The promissory note was issued in exchange for a bag of marijuana. P subsequently indorsed and delivered the said promissory note to A. Which of the following statements is correct?

Group of answer choices

A can validly collect from M if A acquired the promissory note in good faith and for value.

A can only go after P if M will dishonor the note and only if a corresponding notice of dishonor will be given to P.

A cannot validly collect from M if A has knowledge of the infirmity in the instrument thus making A a holder not in due course.

A can validly collect from P because the latter violated his warranty

67. The seller in an auction sale employed a by-bidder or pupper who bid in behalf of the seller for the purpose of raising the auction price. The seller employed the said by-bidder or pupper without notice to the bidder. What is the possible effect of such non-notification committed by the seller to the perfected contract of sale by auction with the highest bidder?

Group of answer choices

It makes the contract of sale rescissible.

It makes the contract of sale voidable.

It makes the contract of sale unenforceable.

It makes the contract of sale void.

68. In Art 1490, a husband and wife, during marriage cannot sell property to each other except

Group of answer choices

When separation of property was agreed upon in the marriage settlements

Property is donated by the other half

When separation of property was not agreed in the marriage settlements

None of the above

76. Only natural persons can form this cooperative.

Group of answer choices

Primary Cooperative

Subsidiary Cooperative

Tertiary Cooperative

Secondary Cooperative

77. Which of the following remedies available to the seller for the breach of contract of sale committed by the buyer is correct?

Group of answer choices

Assuming the goods have already been delivered to the buyer and the buyer wrongfully neglects or refuses to pay the price, the seller may maintain an action for the price of the goods or may file an action to collect a sum of money.

If the buyer wrongfully neglects or refuses to accept and pay for the goods, the seller may maintain an action for damages.

Assuming the goods have not yet been delivered to the buyer and (1) If the buyer has repudiated the sale or (2) If the buyer manifested his inability to perform his obligation to pay the price or (3) If the buyer has committed a breach of contract, the seller may rescind the contract of sale.

All of the other choices.

80. Which of the following is not an essential element of contract of sale?

Group of answer choices

Subject matter which should be a determinate thing

Price certain in money or its equivalent

Meeting of minds as to the determinate thing and the price certain in money

None of the above

83. In which of the following instances will the sale with a right to repurchase or pacto de retro sale or deed of absolute sale not be presumed an equitable mortgage?

Group of answer choices

When the price of a sale with a right to repurchase is inadequate.

When the vendor remains in possession as lessee or otherwise

When the purchaser retains for himself part of the purchase price.

When the vendor binds himself to pay the real property taxes on the thing sold.

85. In a contract of sale of personal property the price of which in payable in instalments, what are the possible remedies available to the vendor in case of breach?

Group of answer choices

Demand completion of the of the obligation should the vendee fail to pay

Cancel the sale if vendee fails to pay more the 2 months instalment

Foreclose chattel mortgage on the thing sold

All of the above

91. In case of double sale of titled immovable or real property, who among the buyers of the said immovable property from the same seller shall prevail?

Group of answer choices

Buyer with the oldest title

First possessor, either actual or constructive possession, of the immovable property in good faith

First payor of the immovable in good faith

First registrant of the deed of sale of immovable property in good faith.

94. What is the effect of the complete loss of the subject matter of the contract of sale at the exact moment of the perfection of the contract of sale?

Group of answer choices

The buyer is still required to pay the price.

The contract of sale is void ab initio.

The contract of sale is voidable.

The seller is still required to deliver the determinate thing to the buyer